Determine the monthly payment for the installment loan. Unless told otherwise by your instructor, you may either use Table 10.2 or the installment payment formula.

Transcribed Image Text:

Annual Percentage Rate Number of 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% payments (Finance charge per $100 of amount financed) 6. L.17 1.32 1.46 1,61 1.76 1.90 2.05 2.20 2.35 2.49 2.64 2.79 2.93 12 2.18 2.45 2.73 3.00 3.28 3.56 3.83 4.11 4.39 4.66 4.94 5.22 5.50 18 3.20 3.60 4.00 4.41 4.82 5.22 5.63 6.04 6.45 6.86 7.28 7.69 8.10 24 4.22 4.75 5.29 5.83 6.37 6.91 7.45 8.00 8.54 9.09 9.64 10.19 10.75 30 5.25 5.92 6.59 7,26 7.94 8.61 9.30 9.98 10.66 11.35 12.04 12.74 13.43 36 6.29 7.09 7.90 8.71 9.52 10.34 11.16 11.98 12.81 13.64 14.48 15.32 16.16 48 8.38 9.46 10.54 11.63 12.73 13.83 14.94 16.06 17.18 18.31 19.45 20.59 21.74 60 10.50 11.86 13,23 14.61 16.00 17.40 18.81 20.23 21.66 23.10 24.55 26,01 27.48 Annual Number Percentage Payments Time in per Year (n) Years (f) Amount Financed (P) Rate (r) $27,000 9.5% 12 5